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of <h1>RBI Amends Forex Rules: Insurance Firms, Startups Can Hold Foreign Currency Accounts Abroad for Business Purposes.</h1> The Reserve Bank of India issued amendments to the Foreign Exchange Management Regulations concerning foreign currency accounts held by residents in India. These amendments, effective from their publication date, allow insurance/reinsurance companies to maintain foreign currency accounts abroad for business-related expenses. Additionally, Indian startups or entities with overseas subsidiaries can open foreign currency accounts outside India to deposit foreign exchange earnings from exports or sales. These funds must be repatriated to India within the prescribed period. The definition of a 'startup' aligns with the criteria set by the Department of Industrial Policy and Promotion.
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